Araştırma Makalesi
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Finansal Gelişimin Politik Uygulaması: Kırılgan Beşli Örneği / Political Implication of Financial Development: The Case of Fragile Five

Yıl 2023, Cilt: 7 Sayı: 2, 387 - 401, 05.10.2023

Cemil İnan Onur Çelik

https://doi.org/10.29216/ueip.1311391

Öz

Bu çalışmada, politika ve ekonomi alanları multidisipliner araştırma olarak bir araya getirilmiştir. Teorik ve ampirik değerlendirmenin yanı sıra, seçilmiş politik faktörlerin ekonomik bir gösterge olan finansal gelişim üzerindeki etkisi 2011-2020 dönemi için Kırılgan Beşli özelinde incelenmiştir. Panel veri analizinin kullanıldığı çalışmada, enflasyon verisi kontrol değişken olarak modele dahil edilmiştir. Driscoll-Kraay Standart Hatalar tahmincisi bulgularına göre, hükümet etkinliği ve kamu harcamaları, finansal gelişimi üzerinde anlamlı ve pozitif bir etkiye sahiptir. Enflasyon verisi ise finansal gelişimi negatif etkileyen bir faktördür. Ayrıca politik istikrar değişkeninin finansal gelişim üzerinde anlamlı bir etkisinin bulunmadığı tespit edilmiştir. Sonuçlara göre, hükümetin ekonomideki etkin rolünün ve enflasyonu yukarı yönlü uyarmayan ılımlı harcama politikalarının devamlılığı önerilmektedir.

Anahtar Kelimeler

Politik İktisat Finansal Gelişim Kırılgan Beşli

Kaynakça

  • Acemoglu, D., and Robinson, J. A. (2010). The Role of Institutions in Growth and Development. Review of Economics and Institutions, 1 (2) 1-33.
  • Al, A. (2015). Politika-Ekonomi Kesişmesi: Yeni Bir Bilim Dalı Olarak Uluslararası Politik Ekonomi. İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi, 2 (1), 143-159.
  • Anwar, S., and Cooray, A. (2012). Financial Development, Political Rights, Civil Liberties and Economic Growth: Evidence From South Asia. Economic Modelling, 29 (3), 974-981.
  • Ateş, D. ve Gökmen, G. (2013). Bir Akademik Disiplin Olarak Uluslararası Politik Ekonominin Sınırları. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 15 (1), 45-71.
  • Ayadi, R. vd. (2013). Determinants of Financial Development across the Mediterranean. European Commission – European Research Area, WP 6 – Financial Services and Capital Markets, MEDPRO Technical Report No. 29/February 2013.
  • Baltagi, B. H. (2005). Econometric Analysis of Panel Data, 3. Baskı. Chester: John Wiley & Sons.
  • Beck vd. (2003). Law, Endowments, and Finance. Journal of Financial Economics, 70, 137–181.
  • Cadoret, I., and Padovano, F. (2016). The Political Drivers of Renewable Energies Policies. Energy Economics, 56, 261-269.
  • Chadwick, M.G. (2018). Dependence of “Fragile Five’ and ‘Troubled Ten” Emerging Markets - Financial System to US Monetary Policy and Monetary Policy Uncertainty. Access Address: https://tcmb.gov.tr/wps/wcm/connect/e2bf6b43-6823-46cf-88c7-288da10bc3d1/wp1817.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-e2bf6b43-6823-46cf-88c7-288da10bc3d1-mravgtB
  • Checkley, L. C. and Piris, A. (2020). Public Communication During a Financial Crisis, Monetary and Capital Markets. IMF Publications. Access Address: https://www.imf.org.
  • Çalışkan, Z. D. (2019). Political Stability and Financial Development: Evidence from Turkey. Fiscaoeconomia, 3(3), 72-79.
  • Dadgar, Y. (2019). Economics and Politics: Editorial Note. International Journal of Economics and Politics, 1(1), 1-9.
  • Dimic, N., Orlov, V. and Piljak, V. (2015). The Political Risk Factor in Emerging, Frontier, and Developed Stock Markets. Finance Research Letters, 15(2015), 239-245.
  • Dünya Bankası (2022). World Development Indicators. Erişim Adresi: https://databank.worldbank.org/source/world-development-indicators.
  • Erdem, E. ve İlgün, F. (2017). Mali Disiplin Üzerinde Politik Faktörlerin Etkisi: Az Gelişmiş ve Gelişmekte Olan Ülkelere Yönelik Uygulamalı Bir Analiz. İktisat Fakültesi Mecmuası, 67(1), 1-23.
  • Eren, E. (2022). Politik İktisat – Ekonomi Politik: Tarihsel ve Kavramsal Gelişim. İktisat ve Toplum, 140, 7-16.
  • Foxley, A. (1994). What is Political Economy?. Political Economy in Macroeconomics Book, 1. Bölüm, Ed.: Allan Drazen, ss. 3-19.
  • Girma, S. and Shortland, A. (2008). The Political Economy of Financial Development. Oxford Economic Papers, 60(4), 567-596.
  • Huang, Y. (2010). Political Institutions and Financial Development: An Empirical Study. World Development, 38(12), 1667-1677.
  • Leblang, D. (1996). Property Rights, Democracy and Economic Growth. Political Research Quarterly, 49(1), 5-26.
  • Oral, İ. O. ve Yılmaz, C. (2017). Finansal ve Politik Risk Endeksinin BIST Sınai Endeksi Üzerindeki Etkisi. Karadeniz Uluslararası Bilimsel Dergi, 33(33), 192-202.
  • Pastor, L. ve Veronesi, P. (2013). Political Uncertainty and Risk Premia. Journal of Financial Economics, 110(3), 520-545.
  • Radu, M. (2015). Political Stability - A Condition for Sustainable Growth in Romania?. Procedia Economics and Finance, 30, 751-757.
  • Razmi, M. J., E. Abbasian, and Mohammadi, S. (2012). Investigating the Effect of Government Health Expenditure on HDI in Iran. Journal of Knowledge Management, Economics and Information Technology, 2(5), 1-8.
  • Roe, M. and Siegel, J. (2011). Political Instability: Effects on Financial Development, Roots in the Severity of Economic Inequality. Journal of Comparative Economics, 39, 279-309.
  • Rupasingha, A. and Goetz, S. J. (2007). Social and Political Forces as Determinants of Poverty: A Spatial Analysis. The Journal of Socio-Economics, 36, 650-671.
  • Strange, S. (1970). International Economics and International Relations: A Case of Mutual Neglect. International Affairs, 46(2), 304-315.
  • Tavares J. and Wacziarg R. (2001). How Democracy Affects Growth. European Economic Review, 45, 1341-1373.
  • Thompson, W. (2003). The Emergence of the Global Political Economy. London: Routledge Taylor & Francis Group.
  • Torun, T. ve İlgün, M. F. (2018). Finansal Gelişme Üzerinde Politik Faktörlerin Etkisi: Az Gelişmiş ve Gelişmekte Olan Ülkelere Yönelik Bir Analiz, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 13(3), 181-204.
  • Uluslararası Para Fonu (IMF). (2002). The Political Economy of Economic Policy. Erişim Adresi: https://www.imf.org/en/Publications/fandd/issues/2020/06/political-economy-of-economic-policy-jeff-frieden.
  • Uluslararası Para Fonu (IMF). (2022). Financial Development Index. Erişim Adresi: https://data.imf.org/?sk=F8032E80-B36C-43B1-AC26-493C5B1CD33B.
  • Usta, C. (2017). The Interaction Between Democracy and Economic Growth in EFTA Countries. Journal of International Management, Education and Economics Perspectives, 5(1), 23-35.
  • Voghouei, H. and Jamali, M. A. (2020). The Effect of Political Factors on Financial Development. Journal of Economics and Finance, 11(13), 41-55.
  • Voghouei, H., Azali, M. and Jamali, M. A. (2011). A Survey of the Determinants of Financial Development. Asian-Pacific Economic Literature, 25(2), 1-20.
  • Yerdelen Tatoğlu, F. (2020). Panel Veri Ekonometrisi Stata Uygulamalı. Genişletilmiş 5. Baskı, İstanbul: Beta Basım Yayım Dağıtım A.Ş.

Political Implication of Financial Development: The Case of Fragile Five / Finansal Gelişimin Politik Uygulaması: Kırılgan Beşli Örneği

Yıl 2023, Cilt: 7 Sayı: 2, 387 - 401, 05.10.2023

Cemil İnan Onur Çelik

https://doi.org/10.29216/ueip.1311391

Öz

In this study, politics and economics were matched as multidisciplinary research. In addition to theoretical and empirical evaluation, the impact of selected political factors on financial development which represents an economic indicator was examined for the Fragile Five and period of 2011-2020. In the study in which panel data analysis was used, inflation data was added as a control variable into model. Driscoll-Kraay Standard Error estimator indicates that government efficiency and public expenditures have significant and positive effect on financial development. As for inflation, a negative effect is found on financial development. Additionally, it is determined that the political stability does not have a significant effect on financial development. According to consequences, continuity of the government's effective role and moderate spending policies which do not trigger the inflation upward are recommended.

Anahtar Kelimeler

Financial Development Fragile Five Political Economy

Kaynakça

  • Acemoglu, D., and Robinson, J. A. (2010). The Role of Institutions in Growth and Development. Review of Economics and Institutions, 1 (2) 1-33.
  • Al, A. (2015). Politika-Ekonomi Kesişmesi: Yeni Bir Bilim Dalı Olarak Uluslararası Politik Ekonomi. İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi, 2 (1), 143-159.
  • Anwar, S., and Cooray, A. (2012). Financial Development, Political Rights, Civil Liberties and Economic Growth: Evidence From South Asia. Economic Modelling, 29 (3), 974-981.
  • Ateş, D. ve Gökmen, G. (2013). Bir Akademik Disiplin Olarak Uluslararası Politik Ekonominin Sınırları. Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi, 15 (1), 45-71.
  • Ayadi, R. vd. (2013). Determinants of Financial Development across the Mediterranean. European Commission – European Research Area, WP 6 – Financial Services and Capital Markets, MEDPRO Technical Report No. 29/February 2013.
  • Baltagi, B. H. (2005). Econometric Analysis of Panel Data, 3. Baskı. Chester: John Wiley & Sons.
  • Beck vd. (2003). Law, Endowments, and Finance. Journal of Financial Economics, 70, 137–181.
  • Cadoret, I., and Padovano, F. (2016). The Political Drivers of Renewable Energies Policies. Energy Economics, 56, 261-269.
  • Chadwick, M.G. (2018). Dependence of “Fragile Five’ and ‘Troubled Ten” Emerging Markets - Financial System to US Monetary Policy and Monetary Policy Uncertainty. Access Address: https://tcmb.gov.tr/wps/wcm/connect/e2bf6b43-6823-46cf-88c7-288da10bc3d1/wp1817.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-e2bf6b43-6823-46cf-88c7-288da10bc3d1-mravgtB
  • Checkley, L. C. and Piris, A. (2020). Public Communication During a Financial Crisis, Monetary and Capital Markets. IMF Publications. Access Address: https://www.imf.org.
  • Çalışkan, Z. D. (2019). Political Stability and Financial Development: Evidence from Turkey. Fiscaoeconomia, 3(3), 72-79.
  • Dadgar, Y. (2019). Economics and Politics: Editorial Note. International Journal of Economics and Politics, 1(1), 1-9.
  • Dimic, N., Orlov, V. and Piljak, V. (2015). The Political Risk Factor in Emerging, Frontier, and Developed Stock Markets. Finance Research Letters, 15(2015), 239-245.
  • Dünya Bankası (2022). World Development Indicators. Erişim Adresi: https://databank.worldbank.org/source/world-development-indicators.
  • Erdem, E. ve İlgün, F. (2017). Mali Disiplin Üzerinde Politik Faktörlerin Etkisi: Az Gelişmiş ve Gelişmekte Olan Ülkelere Yönelik Uygulamalı Bir Analiz. İktisat Fakültesi Mecmuası, 67(1), 1-23.
  • Eren, E. (2022). Politik İktisat – Ekonomi Politik: Tarihsel ve Kavramsal Gelişim. İktisat ve Toplum, 140, 7-16.
  • Foxley, A. (1994). What is Political Economy?. Political Economy in Macroeconomics Book, 1. Bölüm, Ed.: Allan Drazen, ss. 3-19.
  • Girma, S. and Shortland, A. (2008). The Political Economy of Financial Development. Oxford Economic Papers, 60(4), 567-596.
  • Huang, Y. (2010). Political Institutions and Financial Development: An Empirical Study. World Development, 38(12), 1667-1677.
  • Leblang, D. (1996). Property Rights, Democracy and Economic Growth. Political Research Quarterly, 49(1), 5-26.
  • Oral, İ. O. ve Yılmaz, C. (2017). Finansal ve Politik Risk Endeksinin BIST Sınai Endeksi Üzerindeki Etkisi. Karadeniz Uluslararası Bilimsel Dergi, 33(33), 192-202.
  • Pastor, L. ve Veronesi, P. (2013). Political Uncertainty and Risk Premia. Journal of Financial Economics, 110(3), 520-545.
  • Radu, M. (2015). Political Stability - A Condition for Sustainable Growth in Romania?. Procedia Economics and Finance, 30, 751-757.
  • Razmi, M. J., E. Abbasian, and Mohammadi, S. (2012). Investigating the Effect of Government Health Expenditure on HDI in Iran. Journal of Knowledge Management, Economics and Information Technology, 2(5), 1-8.
  • Roe, M. and Siegel, J. (2011). Political Instability: Effects on Financial Development, Roots in the Severity of Economic Inequality. Journal of Comparative Economics, 39, 279-309.
  • Rupasingha, A. and Goetz, S. J. (2007). Social and Political Forces as Determinants of Poverty: A Spatial Analysis. The Journal of Socio-Economics, 36, 650-671.
  • Strange, S. (1970). International Economics and International Relations: A Case of Mutual Neglect. International Affairs, 46(2), 304-315.
  • Tavares J. and Wacziarg R. (2001). How Democracy Affects Growth. European Economic Review, 45, 1341-1373.
  • Thompson, W. (2003). The Emergence of the Global Political Economy. London: Routledge Taylor & Francis Group.
  • Torun, T. ve İlgün, M. F. (2018). Finansal Gelişme Üzerinde Politik Faktörlerin Etkisi: Az Gelişmiş ve Gelişmekte Olan Ülkelere Yönelik Bir Analiz, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 13(3), 181-204.
  • Uluslararası Para Fonu (IMF). (2002). The Political Economy of Economic Policy. Erişim Adresi: https://www.imf.org/en/Publications/fandd/issues/2020/06/political-economy-of-economic-policy-jeff-frieden.
  • Uluslararası Para Fonu (IMF). (2022). Financial Development Index. Erişim Adresi: https://data.imf.org/?sk=F8032E80-B36C-43B1-AC26-493C5B1CD33B.
  • Usta, C. (2017). The Interaction Between Democracy and Economic Growth in EFTA Countries. Journal of International Management, Education and Economics Perspectives, 5(1), 23-35.
  • Voghouei, H. and Jamali, M. A. (2020). The Effect of Political Factors on Financial Development. Journal of Economics and Finance, 11(13), 41-55.
  • Voghouei, H., Azali, M. and Jamali, M. A. (2011). A Survey of the Determinants of Financial Development. Asian-Pacific Economic Literature, 25(2), 1-20.
  • Yerdelen Tatoğlu, F. (2020). Panel Veri Ekonometrisi Stata Uygulamalı. Genişletilmiş 5. Baskı, İstanbul: Beta Basım Yayım Dağıtım A.Ş.
Toplam 36 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Makro İktisat (Diğer)
Bölüm ARAŞTIRMA MAKALELERİ
Yazarlar

Cemil İnan 0000-0002-0329-605X

Onur Çelik 0000-0002-5990-6128

Yayımlanma Tarihi 5 Ekim 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 7 Sayı: 2

Kaynak Göster

APA İnan, C., & Çelik, O. (2023). Finansal Gelişimin Politik Uygulaması: Kırılgan Beşli Örneği / Political Implication of Financial Development: The Case of Fragile Five. Uluslararası Ekonomi İşletme Ve Politika Dergisi, 7(2), 387-401. https://doi.org/10.29216/ueip.1311391
 Kapak Resmi İndir

Uluslararası Ekonomi, İşletme ve Politika Dergisi

Recep Tayyip Erdoğan Üniversitesi
İktisadi ve İdari Bilimler Fakültesi
İktisat Bölümü
RİZE